I think you should be very careful when you/they say football "turns a profit". They have all kinds of "creative accounting" that will show a profit while facing staggering debt levels on top of shuffling expenses around.
Also, it's not a for-profit business. All high school sports "lose money". Sports are effectively "funded" by the university the same way the chemistry department is funded. The chemistry department doesn't "lose money". It's question relates to the extent of the funding and the ability of the university to actually meet those funding levels. Right now, funding is totally and completely out of control. Money is no object. Build the best. Staff the football team with 100 coaches and assistants. Build the finest facilities. Ridiculously high spending on coaching salaries, training, tutoring, food, dorms, equipment. Champagne tastes and a beer budget. And it's not just the athletic department. It's the entire institution. SPEND LESS you mofos! WTF?